ICICI Bank shares surged over 2% in Tuesday's early morning session after RBI approved appointment of Sandeep Bakshi as bank's Managing Director and CEO. His new role that will extend for 3 years will come into effect from October 15, 2018.

Previously, the bank's board on October 4 has approved his appointment as the country's leading private setor lender's MD and CEO for 5 years until October 3, 2023.

Earlier, Sandeep Bakshi took over as the bank's whole-time director, additional director and Chief Operating Officer from June 19, 2018. Subsequently, RBI and shareholders of the bank gave their nod for Bakshi's new role on July 31, 2018 and September 12, 2018, respectively.

The bank's ex-MD and CEO Chanda Kochhar put her papers in October first week. In a filing, bank on October 4 said, "The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry. Kochhar will also relinquish office from the board of directors of the bank's subsidiaries".

Further, the bank's board is scheduled to meet on October 26 to give its approval of audited accounts for the half-year and quarter ended September 30, 2018.

At 10:51 hours IST, the stock price was quoting at Rs 320.75, up 2.41 percent on the BSE.

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